BHP, Vale JV Court Protection Filing a Last-Resort Response, BHP Says
By Rhiannon Hoyle
BHP Group Ltd. said the decision by its Brazilian joint venture
with Vale SA to file for judicial reorganization is a last-resort
response to legal actions from creditors in the U.S. and
Samarco Mineração SA on Friday filed for court protection in
Belo Horizonte after freezing orders against Samarco's accounts
that threaten its iron-ore mining operations, BHP said.
"It was filed after unsuccessful attempts by Samarco to
negotiate a debt restructure with these creditors" and is a means
for Samarco to restructure its debt to establish a sustainable
fiscal position, BHP said.
BHP and Vale each hold a 50% stake in Samarco, which recently
restarted operations after a fatal dam collapse in 2015.
Write to Rhiannon Hoyle at firstname.lastname@example.org
(END) Dow Jones Newswires
April 11, 2021 18:45 ET (22:45 GMT)
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